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Launch HN: Yotta Savings (YC S20) – Behavioral psychology to help people save

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Re: Launch HN: Yotta Savings (YC S20) – Behavioral psychology to help people save

#251

Post by parkaboy »

conanbatt wrote: post #211
adammoelis wrote: post #151

Earlier quoted context omitted.

Thanks for this feedback. What could we do that would give you comfort in the number drawing process? We definitely want to address this concern, so your feedback here would be great.

You can do provably fair gambling by using cryptography to show the generation was not tampered with. It was common in bitcoin gambling sites that had no other way to prove they were (somewhat) legit.

This 100%, and from the articles I've read on it, it doesn't look too difficult to implement.

https://en.wikipedia.org/wiki/Provably_fair

https://github.com/search?q=provably+fair

Re: Launch HN: Yotta Savings (YC S20) – Behavioral psychology to help people save

#254

Post by adammoelis »

grok22 wrote: post #253

My company is blocking your site as a gambling site! Isn’t that a big red-flag?

No this is just a mis-categorization of our site. We are not a gambling site.

We've been trying to fix this issue. I think because of some of the language on our site ("win prizes" etc.) we have been improperly categorized as a gambling site by automated scrapers, and some corporate internet providers block gambling sites. That's all that is.

Re: Launch HN: Yotta Savings (YC S20) – Behavioral psychology to help people save

#255

Post by simonebrunozzi »

adammoelis wrote: post #254
grok22 wrote: post #253

My company is blocking your site as a gambling site! Isn’t that a big red-flag?

No this is just a mis-categorization of our site. We are not a gambling site. We've been trying to fix this issue. I think because of some of the language on our site ("win prizes" etc.) we have been improperly categorized as a gambling site by automated scrapers, and some corporate internet providers block gambling sites. That's all that is.

I'm sorry to be that guy, but the way I see your service is exactly like a gambling site.

The interest you pay is lower than inflation, meaning that I am giving you money to buy the chance of winning a big prize.

That's gambling.

You can genuinely think that you will be helping the world, I am not questioning your ethics because I don't know you.

But I don't agree with you. I fundamentally believe that what you are offering is, in aggregate, bad for the world.

Re: Launch HN: Yotta Savings (YC S20) – Behavioral psychology to help people save

#256

Post by coinward »

simonebrunozzi wrote: post #255
adammoelis wrote: post #254

Earlier quoted context omitted.

No this is just a mis-categorization of our site. We are not a gambling site. We've been trying to fix this issue. I think because of some of the language on our site ("win prizes" etc.) we have been improperly categorized as a gambling site by automated scrapers, and some corporate internet providers block gambling sites. That's all that is.

I'm sorry to be that guy, but the way I see your service is exactly like a gambling site. The interest you pay is lower than inflation, meaning that I am giving you money to buy the chance of winning a big prize. That's gambling. You can genuinely think that you will be helping the world, I am not questioning your ethics because I don't know you. But I don't agree with you. I fundamentally believe that what you are o…

The road to current wealth inequality has been paved by encouraging USD savings. Inflation is an infectious disease to society’s moral fabric. The real virus, if you will.

Re: Launch HN: Yotta Savings (YC S20) – Behavioral psychology to help people save

#257

Post by adammoelis »

jgalt212 wrote: post #210

Give where interest rates are, young people should be borrowing more (but not student debt), not saving more.

While it's a good time to borrow, you still need accessible cash saved up for an emergency no matter what.

Re: Launch HN: Yotta Savings (YC S20) – Behavioral psychology to help people save

#259

Post by TheAdamAndChe »

simonebrunozzi wrote: post #255
adammoelis wrote: post #254

Earlier quoted context omitted.

No this is just a mis-categorization of our site. We are not a gambling site. We've been trying to fix this issue. I think because of some of the language on our site ("win prizes" etc.) we have been improperly categorized as a gambling site by automated scrapers, and some corporate internet providers block gambling sites. That's all that is.

I'm sorry to be that guy, but the way I see your service is exactly like a gambling site. The interest you pay is lower than inflation, meaning that I am giving you money to buy the chance of winning a big prize. That's gambling. You can genuinely think that you will be helping the world, I am not questioning your ethics because I don't know you. But I don't agree with you. I fundamentally believe that what you are o…

I disagree. A massive percentage of Americans cannot pay an unexpected $500 expense. Many of those people still buy lottery tickets. This could effectively help people with relatively poor impulse control build up an emergency fund.

This is not targeted towards those capable of shirking all dopamine feedback loops and doing massive amounts of research in order to maximize returns. This is targeted towards your Average Joe.

Re: Launch HN: Yotta Savings (YC S20) – Behavioral psychology to help people save

#260

Post by TheAdamAndChe »

conanbatt wrote: post #211
adammoelis wrote: post #151

Earlier quoted context omitted.

Thanks for this feedback. What could we do that would give you comfort in the number drawing process? We definitely want to address this concern, so your feedback here would be great.

You can do provably fair gambling by using cryptography to show the generation was not tampered with. It was common in bitcoin gambling sites that had no other way to prove they were (somewhat) legit.

While this may be cryptographically sound(I haven't looked into it), it's not a viable solution since it won't be trusted or understood by the majority of their target demographic.
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